According to Radio-Canada, the federal government is releasing $600 million to help small and medium businesses deal with possible lockdowns as the country enters a second wave of the COVID-19 pandemic.
The funding is aimed at helping tourism, manufacturing and technology sectors and it will be added to the $962 million already used for the Regional Relief and Recovery Fund. The announcement will soon be made by Prime Minister Justin Trudeau.
Around $456 million of the new fund will be made available to help businesses that are struggling to bridge their finances via another lockdown. The fund will be distributed among various regional development agencies.
Also, another $144 million will help offer capital and technical support to rural businesses and communities via the offices of Community Futures Canada, which offers small business services to rural communities.
Rates of infection are rising in COVID-19 hot spots across Canada and that has raised government concerns which resulted in government ordering lockdowns similar to the ones that occured during spring.
While responding to questions about what help will be rendered by the government during the second wave in Ottawa, the Minister of Economic Development, Mélanie Joly said the government was preparing to provide more help.
She said: “Entrepreneurs in Montreal, all across Quebec, worked really hard to get through the first wave, then what we want to say to them today is: There is hope, we’ll help you get through the second wave.”
